The U.S. national debt is now bigger than its economy. That might sound scary, but we’ll explain how the United States can never go broke and can actually pay all of its debts whenever it wants to.
To help us, we spoke to economics professor Stephanie Kelton, author of The Deficit Myth, former chief economist on the U.S. Senate Budge Committee and a former economic advisor to Bernie Sanders.
4 comments:
The US will go for broke... and bring the rest of us down with it?
The typical behavior of our species is to go for broke.
“ The U.S. national debt is now bigger than its economy. ”
Dumb Journo even botches the intro...
The new doctrine of State Capture
Comment on Stephanie Kelton/Kaivey on ‘Why The U.S. Can’t Go Broke’
Stephanie Kelton's Deficit Myth is scientifically refuted and proven to be agenda-pushing for the advantage of the Oligarchy and disadvantage of WeThePeople.
The page where Stephanie Kelton gets macroeconomics wrong
https://axecorg.blogspot.com/2021/03/occasional-tweets-210328-page-where.html
MMT has been conclusively refuted and MMTers can do NOTHING about it
https://axecorg.blogspot.com/2021/04/nobody-is-afraid-of-mmt-because-it-has.html
The question of whether the U.S. can go broke is beside the point because the U.S. economy can go broke and take the state with it.
The U.S. economy hangs on the state ventilator for its survival
https://axecorg.blogspot.com/2020/07/the-us-economy-hangs-on-state.html
The 3-sector Profit Law Q≡(G−T)+(I−S)+Yd implies that the greater part of macroeconomic profit is produced by public deficit-spending/money-creation. So, the growing public debt secures the permanent self-alimentation of the Oligarchy.
Obviously, there is a change of strategy going on. The old-generation Oligarchy was anti-state: “I don’t want to abolish government. I simply want to reduce it to the size where I can drag it into the bathroom and drown it in the bathtub.” (Reagan, 2001). The new-generation Oligarchy tries to capture the state and in particular the ‘means of production’ of profit, i.e. Treasury and FED. The task of MMT is to propagandistically support Politburo's new strategy.
Prophet Stephanie divines the seizure of the means of production of currency
https://axecorg.blogspot.com/2019/07/prophet-stephanie-divines-seizure-of.html
MMT ― now official doctrine
https://axecorg.blogspot.com/2020/07/mmt-now-official-doctrine.html
Egmont Kakarot-Handtke
It is an inter-oligarch struggle, as the people have no influence on policy.
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